Federal Tax Credit

Customer Is Eligible For The Tax Credit If They?

• Leasing & Financing

• Cash And Leasing

• Financing And Cash

• Financing, Leasing, And Cash

Are Price Adjustments That Make The Vehicle Fall Within The Price Cap Threshold Eligible?

• No

• Yes

Answer explanation

Price adjustments will not make a vehicle eligible

Eligibility Is Based Off Of What?

Can Dual Registrants Both Use Their Social To Claim The Credit?

• Yes

• No

• Depends On AGI

Answer explanation

If dual registrant, customers must decide which claimant/SSN to provide before delivery; adjustments to the listed claimant/SSN may not be accommodated post-delivery. Person claiming the credit must be listed as the primary registrant. Only the primary registrant will be able enter a Social Security Number.

What Does The Point Of Sale Show Up As In DRO

• Price Adjustment

• Point Of Sale Credit

• Invoice Adjustments

• Government Incentives

Answer explanation

Point of Sale credit will show up as “Government Incentive” as soon as customer has completed the Incentive Task in their app.

The amount is not confirmed until the Application Status is “Submission Approved.”

Does The $7,500 POS Deduct From Taxes & Fees?

• Yes

• No

Answer explanation

The credit amount will be applied to that total amount, subject to customer and vehicle approval.

The credit will not lower the price of the vehicle before taxes and fees are calculated.

What Happens If Customer Claims They Are Within Income Threshold But Actually Exceeds The Threshold?

• Customer would have to pay the showroom back the $7,500.

• It will be withdrawn from the next years taxes.

• They will have to pay the IRS back $7,500

• They may be prosecuted for tax fraud.

Answer explanation

If a customer receives a Point of Sale Transfer and ends up making more than the AGI threshold for the year, they will have to pay the full $7,500 back to the IRS when they file their taxes.

Which Vehicle Qualifies For The Credit?

• Model 3 Upgrade

• Model X Plaid

• Model S

• Model Y long Range

Answer explanation

The vehicle MSRP at time of delivery must not exceed the following caps. This price includes optional equipment physically attached to the vehicle at the time of delivery and excludes software features, accessories, taxes and fees.  

• Model 3: $55,000

• Model Y: $80,000

• Model X: $80,000

In 2024 How Can A Customer Update Their Preference Post- Delivery?

• They can go into the dro app, open incentives and change it.

• Reach Out to the local showroom so they can adjust information.

• They aren't able to.

• They have to re-file on taxes even if it was POS.

Answer explanation

Unlike 2023, customers participating in the Federal Tax Credit in 2024 cannot update their preferences or information post-delivery. ​

How Many Vehicles Can A Person Claim Each Year?

• As many as they want.

• Only one vehicle per person.

• Three vehicles per person.

• Two vehicles per person

Answer explanation

Customers will only be able to claim two vehicle credits per person. (Per social security number)